Apple executives cash in Apple shares worth over US$38m

Ashleigh Allsopp
2 May, 2012
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Left: Forstall. Right: Drexler

Apple’s Senior Vice President, Scott Forstall and director at Apple, Millard Drexler, sold thousands of Apple shares worth millions of dollars in total last week.

A filing with the US Securities and Exchange Commission revealed that Forstall cashed in 64,151 shares of Apple stock on 27 April, amounting to a total of more than US$38.6 million ($37.4 million).

In March, Forstall gained 120,000 shares of Apple Stock as a 2008 retention bonus of restricted stock units converted to actual stock, MacRumors reports. 55,849 of those shares were sold off simultaneously to cover taxes. So, last week, Forstall sold off the remaining shares.

A second filing showed that CEO of J.Crew and director and board member at Apple, Millard Drexler sold 40,000 shares purchased between 2003 and 2004, netting $23.7 million ($22.9 million).

Forstall still has almost 3,000 shares of Apple stock and Drexler holds 584 shares with the company.

Apple shares saw a rebound following Apple’s financial results announcement on 24 April.

In January, it was reported that Scott Forstall is likely too be Apple’s next CEO.


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